Aria Development Group and AQARAT have plans to build 501 First Residences, a 448-unit luxury condominium high-rise building in Miami.
Berkadia arranged $80.924 million in construction financing. Bank OZK provided the $80.924 million, 42-month, full-term interest-only loan at an aggressive floating rate.
Located in downtown Miami at NE First Avenue, 501 First Residences will offer studio, one- and two-bedroom units ranging from 603 square feet to 1,015 square feet. Amenities will include a lap pool, a private club suite with game tables, an entertainment chef’s kitchen, a media room and library, a state-of-the-art indoor gym with private training rooms, a sunrise terrace, private rooftop movie theater, outdoor game lawn, co-working boardrooms with smart technology, pet bath stations, valet service, and secure bicycle storage.
The property will be situated close to the Adrienne Arsht Center, the Miami Heat Arena, the History Miami Museum, the Perez Art Museum M
